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AZG Armenian Daily #186, 15/10/2005
Turkey
FRENCH INSURANCE COMPANY AXA OPERATES IN TURKEY TOO
On October 4 and 6, daily Azg informed that the French Axa Insurance Company
will pay $ 17 million to descendants of policyholders who perished during
the Armenian Genocide. The descendants had earlier filed a class action
lawsuit in California against Axa demanding compensation. The company then
agreed to pay by the end of the proceedings. The sides signed an agreement.
In accordance with the agreement, Axa is going not only to pay the owing $17
million but also provide aid of several millions to Armenian charity
organizations in France. Allegedly, the court of California will make a
decision in November based on the sides' agreement.
On October 13, Turkish Public TV aired about this agreement; Zaman paper's
response came on 14th. As it transpired from Turkish response, Axa has a
branch in Turkey called Axa-Oyak.
Founded in 1961 as Aid Union for Servicemen, Oyak is currently one of the
key companies with more than 40 plants, including machine-building ones.
Acquiring 11 percent of the company's shares, Axa joined with Oyak and later
became co-shareholder raising the number of shares to 50 percent.
By Hakob Chakrian
Turkey
FRENCH INSURANCE COMPANY AXA OPERATES IN TURKEY TOO
On October 4 and 6, daily Azg informed that the French Axa Insurance Company
will pay $ 17 million to descendants of policyholders who perished during
the Armenian Genocide. The descendants had earlier filed a class action
lawsuit in California against Axa demanding compensation. The company then
agreed to pay by the end of the proceedings. The sides signed an agreement.
In accordance with the agreement, Axa is going not only to pay the owing $17
million but also provide aid of several millions to Armenian charity
organizations in France. Allegedly, the court of California will make a
decision in November based on the sides' agreement.
On October 13, Turkish Public TV aired about this agreement; Zaman paper's
response came on 14th. As it transpired from Turkish response, Axa has a
branch in Turkey called Axa-Oyak.
Founded in 1961 as Aid Union for Servicemen, Oyak is currently one of the
key companies with more than 40 plants, including machine-building ones.
Acquiring 11 percent of the company's shares, Axa joined with Oyak and later
became co-shareholder raising the number of shares to 50 percent.
By Hakob Chakrian